The lower-bound approach we propose in this paper is similar in its spirit to the “lower bound on the wealth (LBOW)” approach of [1]}, in the sense that we rely on a lower bound of the wealth in Lemma REF .
The idea of the conjugate prior is also common in the literature, including the beta prior of [2]} and a more recent example in [3]}.
A subtle difference in our approach is that we directly take a mixture over a lower bound with respect to a conjugate prior tailored to the bound, rather than aiming to maximize the lower bound with a heuristic approximation as done in [1]}.
